London, UK, Thursday 2nd September 2021 – Invennt, the leading specialist management consultancy for construction and the built environment in conjunction with enterprise-grade blockchain middleware provider, Finboot, today announced the launch of a revolutionary new technology concept. Together the two businesses are working on a joint initiative to introduce the transformative potential of blockchain middleware to construction, breaking ground in an industry that has until now been a slow adopter of the technology.
While in its nascent stages, the goal is to develop a revolutionary new technology concept that will change construction management for the better by introducing a rules-based chain of processes underwritten by cryptographic technology. The findings of the Hackitt Report, which suggested all construction projects should have a "golden thread" that ensures the original design intent of a built asset is preserved and recorded throughout its lifecycle, prompted Invennt's initial exploration of the concept.
However, since then, it has become apparent that blockchain promises not only to improve safety and project management but to transform the fortunes of an industry beset by shrinking margins and mounting risks for decades. Partly by asserting greater control at a business level over projects and partly by ensuring greater transparency and aligning objectives within the supply chain.
BuildBlox aims to solve these problems using flexible rules-based middleware that can connect disparate systems, align incentives and enforce a common set of rules among internal teams and supply chain partners. Enabling the c-suite to reassert control over internal accounting, governance and the entire construction process.
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